INDEPENDENT FRANCHISE PARTNERS LLP

Filed: 5/14/2026ACC: 0001172661-26-001918

📋 What this filing means

INDEPENDENT FRANCHISE PARTNERS LLP filed this quarterly 13F‑HR report disclosing 26 equity positions with a total reported market value of $14.29B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$14.29B

Total AUM (reported)

241.26M

Total Shares

Allocation by class

COM$8.08B56.5%

CL A$1.55B10.8%

COM SHS$1.03B7.2%

COM CL A$999.11M7.0%

SHS CL A$835.36M5.8%

CL C CAP STK$546.11M3.8%

CL A COM$477.40M3.3%

Portfolio Concentration

Top 3$3.21B22.5%

4–10$5.56B38.9%

11–25$5.45B38.1%

Rest$77.26M0.5%

Top 3 weight

22.5%

Top 10 weight

61.4%

Voting Authority Distribution

Total shares with voting rights: 241.26M

Sole

Full voting authority

230.19M

% of voting shares95.4%

Shared

Joint voting authority

6.80M

% of voting shares2.8%

None

No voting authority

4.27M

% of voting shares1.8%

Investment Discretion (by position count)

Sole0

Shared0

Other26

Dominant voting typeSole · 95.4% of voting shares

Institutional Holdings26

Rows:

BRISTOL-MYERS SQUIBB CO

OTR

COM

Shares21.28M

TypeSH

Market value$1.29B

9.03%

Sole

20.23M

Shared

646.03K

None

402.65K

SOLVENTUM CORP

OTR

COM SHS

Shares15.73M

TypeSH

Market value$1.03B

7.19%

Sole

14.93M

Shared

494.92K

None

310.25K

LIVE NATION ENTERTAINMENT IN

OTR

COM

Shares5.86M

TypeSH

Market value$894.43M

6.26%

Sole

5.57M

Shared

182.09K

None

111.76K

KENVUE INC

OTR

COM

Shares49.21M

TypeSH

Market value$848.36M

5.94%

Sole

46.77M

Shared

1.50M

None

936.97K

TRANSUNION

OTR

COM

Shares12.13M

TypeSH

Market value$839.41M

5.87%

Sole

11.52M

Shared

373.51K

None

234.77K

AON PLC

OTR

SHS CL A

Shares2.59M

TypeSH

Market value$835.36M

5.85%

Sole

2.46M

Shared

75.70K

None

47.79K

INTERCONTINENTAL EXCHANGE IN

OTR

COM

Shares4.96M

TypeSH

Market value$779.35M

5.45%

Sole

4.70M

Shared

165.49K

None

93.73K

NEWS CORP NEW

OTR

CL A

Shares30.92M

TypeSH

Market value$770.95M

5.40%

Sole

29.31M

Shared

988.19K

None

627.74K

SALESFORCE INC

OTR

COM

Shares4.04M

TypeSH

Market value$753.22M

5.27%

Sole

3.83M

Shared

124.99K

None

78.89K

GARTNER INC

OTR

COM

Shares4.60M

TypeSH

Market value$728.49M

5.10%

Sole

4.37M

Shared

144.23K

None

90.66K

JOHNSON & JOHNSON

OTR

COM

Shares2.97M

TypeSH

Market value$726.34M

5.08%

Sole

2.82M

Shared

104.15K

None

50.80K

AIRBNB INC

OTR

COM CL A

Shares5.28M

TypeSH

Market value$666.21M

4.66%

Sole

5.01M

Shared

165.96K

None

104.56K

EBAY INC.

OTR

COM

Shares6.77M

TypeSH

Market value$616.41M

4.31%

Sole

6.46M

Shared

194.10K

None

121.96K

ZILLOW GROUP INC

OTR

CL C CAP STK

Shares13.20M

TypeSH

Market value$546.11M

3.82%

Sole

12.55M

Shared

394.80K

None

248.31K

FOX CORP

OTR

CL A COM

Shares8.17M

TypeSH

Market value$477.40M

3.34%

Sole

7.77M

Shared

249.51K

None

151.45K

LAUDER ESTEE COS INC

OTR

CL A

Shares6.63M

TypeSH

Market value$475.73M

3.33%

Sole

6.29M

Shared

205.36K

None

128.68K

PHILIP MORRIS INTL INC

OTR

COM

Shares2.56M

TypeSH

Market value$423.36M

2.96%

Sole

2.50M

Shared

0.00

None

57.98K

WARNER MUSIC GROUP CORP

OTR

COM CL A

Shares13.03M

TypeSH

Market value$332.89M

2.33%

Sole

12.59M

Shared

274.70K

None

168.60K

FOX CORP

OTR

CL B COM

Shares5.31M

TypeSH

Market value$281.85M

1.97%

Sole

5.03M

Shared

170.59K

None

104.54K

NEWS CORP NEW

OTR

CL B

Shares9.11M

TypeSH

Market value$259.78M

1.82%

Sole

8.71M

Shared

259.84K

None

139.16K

WARNER BROS DISCOVERY INC

OTR

COM SER A

Shares8.70M

TypeSH

Market value$238.84M

1.67%

Sole

8.70M

Shared

0.00

None

0.00

ZILLOW GROUP INC

OTR

CL A

Shares2.74M

TypeSH

Market value$113.35M

0.79%

Sole

2.60M

Shared

84.45K

None

54.39K

CORTEVA INC

OTR

COM

Shares1.19M

TypeSH

Market value$99.52M

0.70%

Sole

1.19M

Shared

0.00

None

0.00

RYAN SPECIALTY HOLDINGS INC

OTR

CL A

Shares2.82M

TypeSH

Market value$95.18M

0.67%

Sole

2.82M

Shared

0.00

None

0.00

TKO GROUP HOLDINGS INC

OTR

CL A

Shares457.60K

TypeSH

Market value$92.28M

0.65%

Sole

457.60K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
BRISTOL-MYERS SQUIBB COOTR	COM	21.28M	SH	$1.29B 9.03%	20.23M	646.03K	402.65K
SOLVENTUM CORPOTR	COM SHS	15.73M	SH	$1.03B 7.19%	14.93M	494.92K	310.25K
LIVE NATION ENTERTAINMENT INOTR	COM	5.86M	SH	$894.43M 6.26%	5.57M	182.09K	111.76K
KENVUE INCOTR	COM	49.21M	SH	$848.36M 5.94%	46.77M	1.50M	936.97K
TRANSUNIONOTR	COM	12.13M	SH	$839.41M 5.87%	11.52M	373.51K	234.77K
AON PLCOTR	SHS CL A	2.59M	SH	$835.36M 5.85%	2.46M	75.70K	47.79K
INTERCONTINENTAL EXCHANGE INOTR	COM	4.96M	SH	$779.35M 5.45%	4.70M	165.49K	93.73K
NEWS CORP NEWOTR	CL A	30.92M	SH	$770.95M 5.40%	29.31M	988.19K	627.74K
SALESFORCE INCOTR	COM	4.04M	SH	$753.22M 5.27%	3.83M	124.99K	78.89K
GARTNER INCOTR	COM	4.60M	SH	$728.49M 5.10%	4.37M	144.23K	90.66K
JOHNSON & JOHNSONOTR	COM	2.97M	SH	$726.34M 5.08%	2.82M	104.15K	50.80K
AIRBNB INCOTR	COM CL A	5.28M	SH	$666.21M 4.66%	5.01M	165.96K	104.56K
EBAY INC.OTR	COM	6.77M	SH	$616.41M 4.31%	6.46M	194.10K	121.96K
ZILLOW GROUP INCOTR	CL C CAP STK	13.20M	SH	$546.11M 3.82%	12.55M	394.80K	248.31K
FOX CORPOTR	CL A COM	8.17M	SH	$477.40M 3.34%	7.77M	249.51K	151.45K
LAUDER ESTEE COS INCOTR	CL A	6.63M	SH	$475.73M 3.33%	6.29M	205.36K	128.68K
PHILIP MORRIS INTL INCOTR	COM	2.56M	SH	$423.36M 2.96%	2.50M	0.00	57.98K
WARNER MUSIC GROUP CORPOTR	COM CL A	13.03M	SH	$332.89M 2.33%	12.59M	274.70K	168.60K
FOX CORPOTR	CL B COM	5.31M	SH	$281.85M 1.97%	5.03M	170.59K	104.54K
NEWS CORP NEWOTR	CL B	9.11M	SH	$259.78M 1.82%	8.71M	259.84K	139.16K
WARNER BROS DISCOVERY INCOTR	COM SER A	8.70M	SH	$238.84M 1.67%	8.70M	0.00	0.00
ZILLOW GROUP INCOTR	CL A	2.74M	SH	$113.35M 0.79%	2.60M	84.45K	54.39K
CORTEVA INCOTR	COM	1.19M	SH	$99.52M 0.70%	1.19M	0.00	0.00
RYAN SPECIALTY HOLDINGS INCOTR	CL A	2.82M	SH	$95.18M 0.67%	2.82M	0.00	0.00
TKO GROUP HOLDINGS INCOTR	CL A	457.60K	SH	$92.28M 0.65%	457.60K	0.00	0.00

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